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To: John Pitera who wrote (1229)	2/15/2001 4:31:19 PM
From: Chip McVickar	Read Replies (1) \| Respond to of 12410

Wheat Suspense Lifted -- Why I Asked the TA question...! WORLD WHEAT STOCKS estimated by the USDA, represents only 68 days usage, the lowest in history. Reading suggests that in recent years it's the lowest level since 1996. In 1986 the peak of 180 million tons w/130 days. In 1999 stock piles were 128mil tons w/90 days. Now projected at 111mil tons w/68 days available wheat world wide. Lowest since 1996 when the price spiked to $7.00+...! This report is a Fundamental element and an underlying structure to any price movement, I thought if "Technical Work" could reinforce the case there might be something of potential interest. So it appears in the charts that the price of wheat has been in a narrow range and probably held their by various factors. Coils run out of time eventually, and it's possible that any complications to crop planting or harvesting might cause a serious move and break the upper resistance at about 300^00± in the March contract. It's possible that world grain holders will sell stocks into any price spikes, and dampen any upside potential. Right now there are no weather concerns and reading suggests there are ample supplies and demand sluggish. So there's no opening yet, but certainly worth watching. Time is the most Important Factor here... However one wishes to measure that important element....? I have more work to do and will post that at a later date. Maybe Others will share their Thoughts....! Chip

To: John Pitera who wrote (1229)	2/15/2001 5:01:14 PM
From: Chip McVickar	Read Replies (1) \| Respond to of 12410

John, >>wheat It should be watched closely. let's keep an eye on it.<< Thank You for taking the time to look at your charts in depth. I take this as a tentative if mild agreement. <smile> Monthly Chart: Fork from the Low and shoulder low in 1995 (even '94): using spread 1996 high and the recent low in late 1999, the Lower Tine of these forks have held the market for a year and comes at the end of 3 years of basing. Gann 22.5° off the peak comes directly at the low in 1998 and the beginning of the price coil. Gann 45° comes in Right Here in January 01 Which price has just tested. So it's Not a Buy Yet.... But perhaps close...? Lets See What Else we can come up with...! My Best, Chip futures.tradingcharts.com